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26 Oct 2020

When your business starts to scale up, your employee list will grow and as expected, different tasks will be delegated to different staff members.

While this is obviously a sign that your business is doing well, it can also bring with it its own set of issues. It can be harder to oversee every aspect of your business and so, you may put others in charge of financial areas, paying taxes or ensuring your staff are paid on time. But, as the owner, you are responsible for any issues which may arise in relation to fraud or evasion.

Similarly, if you have a smaller business, individuals involved in money laundering schemes may be more inclined to target your business too, as there are fewer people available to oversee every transaction that takes place.

At ABV, our fraud solicitors can help you to keep your business free from loopholes which may be exploited. We will offer advice on how you can train your employees to identify any suspicious activity and empower you to keep control over your businesses assets. If you have concerns about unusual activity in your business accounts, we can help with that too!

So, how can you be sure that your business does not fall prey to money laundering? Our fraud solicitors recommend the following tips.

Educate yourself

While keeping up to date with the latest money laundering tactics may seem exhausting, our fraud solicitors recommend learning the basic signs of any money laundering scheme. Being able to identify unusual transfers, problems with invoices and cards used to pay for services are just some of the ways that your company may be inadvertently drawn into a money-laundering scheme. It is also advisable to educate your team on the techniques used by money launderers to improve your businesses overall security.

Be diligent

In the world of business, if something seems too good to be true, it usually is. Therefore, while it may be tempting to accept a large amount of money from a client or business partner for doing nothing, it is likely to signify a money-laundering scheme.

Question everything

If you are approached by an individual with a business proposition, ask about the amount of money and the investors who are providing it; if the answers are vague, this is a red flag. If you are unsure about things which seem to be on the surface legitimate, begin conducting research into the investor and their associated companies.

Keep private

You have worked hard for your small business and so, do not share any financial information with anyone that you do not trust. While this may seem harsh, it is a simple way to avoid your company being dragged into money laundering schemes behind your back and will prevent your business from being investigated in the future.

Use common sense

If you run a business and someone wants to give you money for no reason, don’t accept it. Always be vigilant and avoid any suspicious activities or unfamiliar characters.